The Irish Property Owners' Association (IPOA ) has reiterated its grave concern regarding the continuing exodus of landlords from the rental market, as highlighted by the latest findings from the Simon Communities' 'Locked Out of the Market' report.
In particular, the report revealed a concerning trend of diminishing options for tenants, with an insufficient supply of properties under the Housing Assistance Payment Scheme (HAP ). HAP is a form of social housing support provided by all local authorities. Under HAP, local authorities can provide housing assistance to households with a long-term housing need, including many long-term Rent Supplement recipients.
Among the key findings of the report include:
There were only 38 properties within the discretionary rate of the HAP available for rent last month, which represents an increase of five properties since December 2023.
10 out of the 16 areas surveyed, including prominent locations like Athlone, Cork City and Galway City, had no HAP properties available for rent.
According to Residential Tenancies Board (RTB ) research from 2023, 40,000 landlords left the market in 2023. The RTB is the independent public body that is responsible for registering tenancies and regulating the residential rental sector in Ireland.
Chairperson of the Irish Property Owners' Association, Mary Conway, expressed deep concern over the situation.
"The findings of the 'Locked Out of the Market' report underscore the core issues confronting residential property owners and tenants alike. In the first instance, there is a pressing need for urgent action to address the regulatory and taxation challenges faced by landlords operating in the residential rental market. Unless some meaningful action is taken the exodus of landlords will only threaten to exacerbate the housing crisis, leaving tenants with limited options while driving up rental prices," Ms Conway said.
In concluding, Ms Conway also emphasised the need for comprehensive solutions to address the root causes of the housing shortage.
